A U.S. Treasury Department official acknowledged Monday that the agency has thus far put forth only limited guidance on carrying out the new corporate alternative minimum tax but said officials are working to come up with a comprehensive set of rules. Enacted in August under the Inflation Reduction Act (117 P.L. 169), the alternative minimum tax, or AMT, affects companies that report more than $1 billion in global adjusted financial statement income — as averaged over three years — and pay less than 15% of that amount in tax.

A&M Managing Director Kevin M. Jacobs presented at this year's Tax Executive Institute Conference, where he and fellow panelists discussed the challenges of the new corporate AMT and identified key areas that still need guidance. His comments have been highlighted by publications Tax Notes and Law360.